8-K
HOME BANCORP, INC. (HBCP)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) | April 17, 2024 | | --- | --- || Home Bancorp, Inc. | | --- | | (Exact name of registrant as specified in its charter) || Louisiana | 001-34190 | 71-1051785 | | --- | --- | --- | | (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) || 503 Kaliste Saloom Road, Lafayette, Louisiana | 70508 | | --- | --- | | (Address of principal executive offices) | (Zip Code) || Registrant’s telephone number, including area code | (337) 237-1960 | | --- | --- || N/A | | --- | | (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock | HBCP | Nasdaq Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02 | Results of Operations and Financial Condition |
|---|
On April 17, 2024, the Registrant announced its results of operations for the quarter ended March 31, 2024. A copy of the related press release (the "Press Release") is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. The Press Release attached hereto is being furnished to the SEC and shall not be deemed "filed" for any purpose except as otherwise provided herein.
| Item 7.01 | Regulation FD Disclosure |
|---|
On April 17, 2024, the Registrant made available the supplemental information attached as Exhibit 99.2 prepared for use with the press release.
The investor presentation attached hereto as Exhibit 99.2 and incorporated herein by reference is being furnished pursuant to this Item 7.01 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and it shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or under the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this Current Report on Form 8-K.
| Item 8.01 | Other Events |
|---|
On April 17, 2024, the Registrant announced that its Board of Directors declared a quarterly cash dividend on shares of its common stock of $0.25 per share. The cash dividend will be paid on May 10, 2024 to shareholders of record at the close of business on April 29, 2024.
| Item 9.01 | Financial Statements and Exhibits |
|---|
(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits
The following exhibit is filed herewith.
| Exhibit Number | Description |
|---|---|
| 99.1 | Press Release - Results of Operations and Financial Condition, datedApril17, 2024 |
| 99.2 | Home Bancorp, Inc. Investor Presentation - Q12024Results |
| 104 | The cover page of Home Bancorp Inc.'s Form 8-K is formatted in Inline XBRL. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HOME BANCORP, INC. | ||
|---|---|---|
| Date: April 17, 2024 | By: | /s/ John W. Bordelon |
| John W. Bordelon | ||
| Chairman of the Board, President and Chief Executive Officer |
Document
For further information contact:
John W. Bordelon, Chairman of the Board, President and CEO
(337) 237-1960
| Release Date: | April 17, 2024 |
|---|---|
| For Immediate Release |
HOME BANCORP, INC. ANNOUNCES 2024 FIRST QUARTER RESULTS AND
DECLARES QUARTERLY DIVIDEND
Lafayette, Louisiana – Home Bancorp, Inc. (Nasdaq: “HBCP”) (the “Company”), the parent company for Home Bank, N.A. (the “Bank”) (www.home24bank.com), reported financial results for the first quarter of 2024. For the quarter, the Company reported net income of $9.2 million, or $1.14 per diluted common share (“diluted EPS”), down $186,000 from $9.4 million, or $1.17 diluted EPS, for the fourth quarter of 2023.
“Home Bank began 2024 with results similar to those in 2023. We had a solid 6% annualized loan growth rate and 8% annualized deposit growth rate for the quarter. While NIM decreased during the quarter, the pace of reduction has slowed as loans continue to reprice higher,” said John W. Bordelon, President and Chief Executive Officer of the Company and the Bank. “While Houston continues to lead the majority of loan growth, most of our legacy franchise continues to show positive momentum. Deposits grew with the majority of the growth in customer CD’s and Money Markets. Home Bank’s talented, relationship-based bankers continue to attract new clients in all markets.”
First Quarter 2024 Highlights
•Loans totaled $2.6 billion at March 31, 2024, up $40.1 million, or 1.6% (6% on an annualized basis), from December 31, 2023.
•Deposits totaled $2.7 billion at March 31, 2024, up $52.0 million, or 2% (8% on an annualized basis), from December 31, 2023.
•Net interest income totaled $28.9 million, down $381,000, or 1% from the prior quarter.
•The net interest margin ("NIM") was 3.64% in the first quarter of 2024 compared to 3.69% in the fourth quarter of 2023.
•Nonperforming assets totaled $22.0 million, or 0.65% of total assets compared to $10.4 million, or 0.31% of total assets, at December 31, 2023. This increase in nonperforming assets is primarily due to two loan relationships which were classified as nonperforming in the first quarter of 2024, for which management does not anticipate any loss.
Loans
Loans totaled $2.6 billion at March 31, 2024, up $40.1 million, or 2%, from December 31, 2023. The following table summarizes the changes in the Company’s loan portfolio, net of unearned income, from December 31, 2023 through March 31, 2024.
| (dollars in thousands) | 3/31/2024 | 12/31/2023 | Increase (Decrease) | |||||
|---|---|---|---|---|---|---|---|---|
| Real estate loans: | ||||||||
| One- to four-family first mortgage | $ | 436,659 | $ | 433,401 | $ | 3,258 | 1 | % |
| Home equity loans and lines | 70,377 | 68,977 | 1,400 | 2 | ||||
| Commercial real estate | 1,221,573 | 1,192,691 | 28,882 | 2 | ||||
| Construction and land | 334,324 | 340,724 | (6,400) | (2) | ||||
| Multi-family residential | 118,748 | 107,263 | 11,485 | 11 | ||||
| Total real estate loans | 2,181,681 | 2,143,056 | 38,625 | 2 | ||||
| Other loans: | ||||||||
| Commercial and industrial | 407,730 | 405,659 | 2,071 | 1 | ||||
| Consumer | 32,279 | 32,923 | (644) | (2) | ||||
| Total other loans | 440,009 | 438,582 | 1,427 | — | ||||
| Total loans | $ | 2,621,690 | $ | 2,581,638 | $ | 40,052 | 2 | % |
The average loan yield was 6.18% for the first quarter of 2024, up 10 basis points, from the fourth quarter of 2023. Loan growth during the first quarter of 2024 was primarily in commercial real estate and multi-family residential loans. Loans grew in the first quarter of 2024 across most of our markets with approximately 77% of the growth attributable to the Houston market.
Credit Quality and Allowance for Credit Losses
Nonperforming assets (“NPAs”) totaled $22.0 million, or 0.65% of total assets, at March 31, 2024, up $11.6 million, or 111%, from $10.4 million, or 0.31% of total assets, at December 31, 2023. The increase in NPAs during the first quarter of 2024 was primarily due to two loan relationships which were classified nonperforming, for which management does not anticipate any losses. Management expects one of the relationships over 90 days past due to be brought current or paid down significantly before the end of April 2024. During the first quarter of 2024, the Company recorded net loan charge-offs of $217,000, compared to net loan charge-offs of $250,000 during the fourth quarter of 2023.
The Company provisioned $141,000 to the allowance for loan losses in the first quarter of 2024. At March 31, 2024, the allowance for loan losses totaled $31.5 million, or 1.20% of total loans, compared to $31.5 million, or 1.22% of total loans, at December 31, 2023. Provisions to the allowance for loan losses are based upon, among other factors, our estimation of current expected losses in our loan portfolio, which we evaluate on a quarterly basis. Changes in expected losses consider various factors including the changing economic activity, potential mitigating effects of governmental stimulus, borrower specific information impacting changes in risk ratings, projected delinquencies and the impact of industry-wide loan modification efforts, among other factors.
The following tables present the Company’s loan portfolio by credit quality classification as of March 31, 2024 and December 31, 2023.
| March 31, 2024 | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (dollars in thousands) | Pass | Special Mention | Substandard | Total | |||||
| One- to four-family first mortgage | $ | 429,488 | $ | 865 | $ | 6,306 | $ | 436,659 | |
| Home equity loans and lines | 70,136 | — | 241 | 70,377 | |||||
| Commercial real estate | 1,204,466 | — | 17,107 | 1,221,573 | |||||
| Construction and land | 322,792 | 6,565 | 4,967 | 334,324 | |||||
| Multi-family residential | 114,315 | — | 4,433 | 118,748 | |||||
| Commercial and industrial | 404,786 | 1,148 | 1,796 | 407,730 | |||||
| Consumer | 32,001 | — | 278 | 32,279 | |||||
| Total | $ | 2,577,984 | $ | 8,578 | $ | 35,128 | $ | 2,621,690 | |
| December 31, 2023 | |||||||||
| (dollars in thousands) | Pass | Special Mention | Substandard | Total | |||||
| One- to four-family first mortgage | $ | 429,964 | $ | 868 | $ | 2,569 | $ | 433,401 | |
| Home equity loans and lines | 68,770 | — | 207 | 68,977 | |||||
| Commercial real estate | 1,178,060 | — | 14,631 | 1,192,691 | |||||
| Construction and land | 329,622 | 5,874 | 5,228 | 340,724 | |||||
| Multi-family residential | 103,760 | — | 3,503 | 107,263 | |||||
| Commercial and industrial | 402,732 | 1,186 | 1,741 | 405,659 | |||||
| Consumer | 32,634 | — | 289 | 32,923 | |||||
| Total | $ | 2,545,542 | $ | 7,928 | $ | 28,168 | $ | 2,581,638 |
Investment Securities
The Company's investment securities portfolio totaled $422.9 million at March 31, 2024, a decrease of $12.1 million, or 3%, from December 31, 2023. At March 31, 2024, the Company had a net unrealized loss position on its investment securities of $46.6 million, compared to a net unrealized loss of $43.4 million at December 31, 2023. The Company’s investment securities portfolio had an effective duration of 4.2 years at March 31, 2024 and December 31, 2023.
The following table summarizes the composition of the Company's investment securities portfolio at March 31, 2024.
| (dollars in thousands) | Amortized Cost | Fair Value | ||
|---|---|---|---|---|
| Available for sale: | ||||
| U.S. agency mortgage-backed | $ | 307,558 | $ | 274,686 |
| Collateralized mortgage obligations | 81,218 | 77,277 | ||
| Municipal bonds | 53,784 | 46,096 | ||
| U.S. government agency | 18,862 | 17,618 | ||
| Corporate bonds | 6,982 | 6,136 | ||
| Total available for sale | $ | 468,404 | $ | 421,813 |
| Held to maturity: | ||||
| Municipal bonds | $ | 1,065 | $ | 1,062 |
| Total held to maturity | $ | 1,065 | $ | 1,062 |
Approximately 64% of the investment securities portfolio was pledged as of March 31, 2024 to secure public deposits and borrowings with the Federal Reserve Bank Term Funding Program ("BTFP"). As of March 31, 2024 and December 31, 2023, the Company had $135.5 million and $127.2 million, respectively, of securities pledged to secure public deposits and $135.0 million and none, respectively, pledged to the BTFP borrowings.
Deposits
Total deposits were $2.7 billion at March 31, 2024, up $52.0 million, or 2%, from December 31, 2023. Non-maturity deposits decreased $1.2 million, or less than 1% during the first quarter of 2024 to $2.0 billion. The following table summarizes the changes in the Company’s deposits from December 31, 2023 to March 31, 2024.
| (dollars in thousands) | 3/31/2024 | 12/31/2023 | Increase (Decrease) | |||||
|---|---|---|---|---|---|---|---|---|
| Demand deposits | $ | 742,177 | $ | 744,424 | $ | (2,247) | — | % |
| Savings | 228,047 | 231,624 | (3,577) | (2) | ||||
| Money market | 423,521 | 408,024 | 15,497 | 4 | ||||
| NOW | 630,962 | 641,818 | (10,856) | (2) | ||||
| Certificates of deposit | 697,871 | 644,734 | 53,137 | 8 | ||||
| Total deposits | $ | 2,722,578 | $ | 2,670,624 | $ | 51,954 | 2 | % |
The average rate on interest-bearing deposits increased 28 basis points from 2.24% for the fourth quarter of 2023 to 2.52% for the first quarter of 2024. At March 31, 2024, certificates of deposit maturing within the next 12 months totaled $640.2 million.
We obtain most of our deposits from individuals, small businesses and public funds in our market areas. The following table presents our deposits per customer type for the periods indicated.
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Individuals | 54% | 53% |
| Small businesses | 36 | 38 |
| Public funds | 8 | 7 |
| Broker | 2 | 2 |
| Total | 100% | 100% |
The total amounts of our uninsured deposits (deposits in excess of $250,000, as calculated in accordance with FDIC regulations) were $781.9 million at March 31, 2024 and $748.6 million at December 31, 2023. Public funds in excess of the FDIC insurance limits are fully collateralized.
Net Interest Income
The net interest margin ("NIM") decreased 5 basis points from 3.69% for the fourth quarter of 2023 to 3.64% for the first quarter of 2024 primarily due to an increase in the average cost of interest-bearing deposits, which was partially offset by an increase in the average yield on interest-earning assets. The average cost of interest-bearing deposits increased by 28 basis points and the cost of deposits increased by $1.6 million, or 15%, in the first quarter of 2024 compared to the fourth quarter of 2023. The increase in deposit costs reflects the rise in market rates of interest as well as a migration to interest-bearing deposits from non-interest bearing deposits.
The average loan yield was 6.18% for the first quarter of 2024, up 10 basis points from the fourth quarter of 2023, primarily reflecting increased rates on variable rate loans coupled with new loan originations at higher market rates during the period.
Average other interest-earning assets were $57.1 million for the first quarter of 2024, down $420,000, or 1%, from the fourth quarter of 2023 primarily due to a reallocation of certain other interest-earning assets.
Loan accretion income from acquired loans totaled $525,000 for the first quarter of 2024, down $58,000, or 10%, from the fourth quarter of 2023.
The following table summarizes the Company’s average volume and rate of its interest-earning assets and interest-bearing liabilities for the periods indicated. Taxable equivalent (“TE”) yields on investment securities have been calculated using a marginal tax rate of 21%.
| Quarter Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3/31/2024 | 12/31/2023 | |||||||||||
| (dollars in thousands) | Average Balance | Interest | Average Yield/ Rate | Average Balance | Interest | Average Yield/ Rate | ||||||
| Interest-earning assets: | ||||||||||||
| Loans receivable | $ | 2,602,941 | $ | 40,567 | 6.18 | % | $ | 2,572,400 | $ | 39,820 | 6.08 | % |
| Investment securities (TE) | 472,578 | 2,788 | 2.38 | 481,322 | 2,837 | 2.37 | ||||||
| Other interest-earning assets | 57,103 | 771 | 5.43 | 57,523 | 742 | 5.12 | ||||||
| Total interest-earning assets | $ | 3,132,622 | $ | 44,126 | 5.60 | % | $ | 3,111,245 | $ | 43,399 | 5.49 | % |
| Interest-bearing liabilities: | ||||||||||||
| Deposits: | ||||||||||||
| Savings, checking, and money market | $ | 1,269,293 | $ | 4,800 | 1.52 | % | $ | 1,273,550 | $ | 4,561 | 1.42 | % |
| Certificates of deposit | 668,353 | 7,332 | 4.41 | 591,205 | 5,975 | 4.01 | ||||||
| Total interest-bearing deposits | 1,937,646 | 12,132 | 2.52 | 1,864,755 | 10,536 | 2.24 | ||||||
| Other borrowings | 125,979 | 1,486 | 4.74 | 5,539 | 53 | 3.80 | ||||||
| Subordinated debt | 54,268 | 845 | 6.22 | 54,214 | 844 | 6.23 | ||||||
| FHLB advances | 71,704 | 762 | 4.23 | 212,412 | 2,684 | 4.96 | ||||||
| Total interest-bearing liabilities | $ | 2,189,597 | $ | 15,225 | 2.79 | % | $ | 2,136,920 | $ | 14,117 | 2.62 | % |
| Noninterest-bearing deposits | $ | 743,262 | $ | 777,184 | ||||||||
| Net interest spread (TE) | 2.81 | % | 2.87 | % | ||||||||
| Net interest margin (TE) | 3.64 | % | 3.69 | % |
Noninterest Income
Noninterest income for the first quarter of 2024 totaled $3.5 million, up $71,000, or 2%, from the fourth quarter of 2023. The increase was related primarily to other income (up $70,000), gain on sale of loans (up $41,000) and service fees and charges (up $19,000), which were partially offset by bank card fees (down $71,000) for the first quarter of 2024 compared to the fourth quarter of 2023.
Noninterest Expense
Noninterest expense for the first quarter of 2024 totaled $20.9 million, up $264,000, or 1%, from the fourth quarter of 2023. The increase was primarily related to compensation and benefits expense (up $769,000) and franchise and shares tax (up $357,000), which were partially offset by other noninterest expense (down $405,000), marketing and advertising expense (down $293,000) and the absence of provision for credit losses on unfunded commitments (down $140,000) during the first quarter of 2024.
Capital and Liquidity
At March 31, 2024, shareholders’ equity totaled $372.3 million, up $4.8 million, or 1%, compared to $367.4 million at December 31, 2023. The increase was primarily due to the the Company’s earnings of $9.2 million during the first quarter of 2024, partially offset by increases in accumulated other comprehensive loss on available for sale investment securities, shareholder dividends and repurchases of shares of the Company's common stock. The market value of the Company's available for sale securities at March 31, 2024 decreased $3.2 million, or 7%, during the first quarter of 2024. Preliminary Tier 1 leverage capital and total risk-based capital ratios were 11.19% and 14.39%, respectively, at March 31, 2024, compared to 10.98% and 14.23%, respectively, at December 31, 2023.
The following table summarizes the Company's primary and secondary sources of liquidity which were available at March 31, 2024.
| (dollars in thousands) | March 31, 2024 | |
|---|---|---|
| Cash and cash equivalents | $ | 90,475 |
| Unencumbered investment securities, amortized cost | 86,091 | |
| FHLB advance availability | 1,107,888 | |
| Amounts available from unsecured lines of credit | 55,000 | |
| Federal Reserve discount window availability | 500 | |
| Total primary and secondary sources of available liquidity | $ | 1,339,954 |
Dividend and Share Repurchases
The Company announced that its Board of Directors declared a quarterly cash dividend on shares of its common stock of $0.25 per share payable on May 10, 2024, to shareholders of record as of April 29, 2024.
In October 2023, the Board of Directors approved a new share repurchase plan (the “2023 Repurchase Plan”). Under the 2023 Repurchase Plan, the Company may purchase up to 405,000 shares, or approximately 5% of the Company’s outstanding common stock. Share repurchases under the 2023 Repurchase Plan may commence upon the completion of the Company’s 2021 Repurchase Plan. As of March 31, 2024, there were 415,143 shares remaining that may be repurchased under the 2021 and 2023 Repurchase Plans. The repurchase plans do not include specific price targets and may be executed through the open market or privately-negotiated transactions depending upon market conditions and other factors. The repurchase plans have no time limit and may be suspended or discontinued at any time.
The Company repurchased 21,303 shares of its common stock during the first quarter of 2024 at an average price per share of $38.78. The book value per share and tangible book value per share of the Company’s common stock was $45.73 and $35.17, respectively, at March 31, 2024.
Conference Call
Executive management will host a conference call to discuss first quarter 2024 results on Thursday, April 18, 2024 at 10:30 a.m. CDT. Analysts, investors and interested parties may attend the conference call by dialing toll free 1.646.357.8785 (US Local/International) or 1.800.836.8184 (US Toll Free). The investor presentation can be accessed the day of the presentation on Home Bancorp, Inc. website at https://home24bank.investorroom.com.
A replay of the conference call and a transcript of the call will be posted to the Investor Relations page of the Company's website, https://home24bank.investorroom.com.
Non-GAAP Reconciliation
This news release contains financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). The Company's management uses this non-GAAP financial information in its analysis of the Company's performance. In this news release, information is included which excludes intangible assets. Management believes the presentation of this non-GAAP financial information provides useful information that is helpful to a full understanding of the Company’s financial position and operating results. This non-GAAP financial information should not be viewed as a substitute for financial information determined in accordance with GAAP, nor is it necessarily comparable to non-GAAP financial information presented by other companies. A reconciliation on non-GAAP information included herein to GAAP is presented below.
| Quarter Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (dollars in thousands, except per share data) | 3/31/2024 | 12/31/2023 | 3/31/2023 | ||||||
| Reported net income | $ | 9,199 | $ | 9,385 | $ | 11,320 | |||
| Add: Core deposit intangible amortization, net tax | 279 | 298 | 352 | ||||||
| Non-GAAP tangible income | $ | 9,478 | $ | 9,683 | $ | 11,672 | |||
| Total assets | $ | 3,357,604 | $ | 3,320,122 | $ | 3,266,970 | |||
| Less: Intangible assets | 86,019 | 86,372 | 87,527 | ||||||
| Non-GAAP tangible assets | $ | 3,271,585 | $ | 3,233,750 | $ | 3,179,443 | |||
| Total shareholders’ equity | $ | 372,285 | $ | 367,444 | $ | 345,100 | |||
| Less: Intangible assets | 86,019 | 86,372 | 87,527 | ||||||
| Non-GAAP tangible shareholders’ equity | $ | 286,266 | $ | 281,072 | $ | 257,573 | |||
| Return on average equity | 9.98 | % | 10.61 | % | 13.53 | % | |||
| Add: Average intangible assets | 3.42 | 3.92 | 5.29 | ||||||
| Non-GAAP return on average tangible common equity | 13.40 | % | 14.53 | % | 18.82 | % | |||
| Common equity ratio | 11.09 | % | 11.07 | % | 10.56 | % | |||
| Less: Intangible assets | 2.34 | 2.38 | 2.46 | ||||||
| Non-GAAP tangible common equity ratio | 8.75 | % | 8.69 | % | 8.10 | % | |||
| Book value per share | $ | 45.73 | $ | 45.04 | $ | 41.66 | |||
| Less: Intangible assets | 10.56 | 10.59 | 10.57 | ||||||
| Non-GAAP tangible book value per share | $ | 35.17 | $ | 34.45 | $ | 31.09 |
This news release contains certain forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.”
Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond our control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Home Bancorp’s Annual Report on Form 10-K for the year ended December 31, 2023 describes some of these factors, including risk elements in the loan portfolio, risks related to our deposit activities, the level of the allowance for credit losses, risks of our growth strategy, geographic concentration of our business, dependence on our management team, risks of market rates of interest and of regulation on our business and risks of competition. Forward-looking statements speak only as of the date they are made. We do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events.
| HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CONDENSED STATEMENTS OF FINANCIAL CONDITION | |||||||||||||
| (Unaudited) | |||||||||||||
| (dollars in thousands) | 3/31/2024 | 12/31/2023 | % Change | 3/31/2023 | |||||||||
| Assets | |||||||||||||
| Cash and cash equivalents | $ | 90,475 | $ | 75,831 | 19 | % | $ | 107,171 | |||||
| Interest-bearing deposits in banks | — | 99 | (100) | 349 | |||||||||
| Investment securities available for sale, at fair value | 421,813 | 433,926 | (3) | 466,506 | |||||||||
| Investment securities held to maturity | 1,065 | 1,065 | — | 1,070 | |||||||||
| Mortgage loans held for sale | 646 | 361 | 79 | 473 | |||||||||
| Loans, net of unearned income | 2,621,690 | 2,581,638 | 2 | 2,466,392 | |||||||||
| Allowance for loan losses | (31,461) | (31,537) | — | (30,118) | |||||||||
| Total loans, net of allowance for loan losses | 2,590,229 | 2,550,101 | 2 | 2,436,274 | |||||||||
| Office properties and equipment, net | 42,341 | 41,980 | 1 | 42,844 | |||||||||
| Cash surrender value of bank-owned life insurance | 47,587 | 47,321 | 1 | 46,528 | |||||||||
| Goodwill and core deposit intangibles | 86,019 | 86,372 | — | 87,527 | |||||||||
| Accrued interest receivable and other assets | 77,429 | 83,066 | (7) | 78,228 | |||||||||
| Total Assets | $ | 3,357,604 | $ | 3,320,122 | 1 | $ | 3,266,970 | ||||||
| Liabilities | |||||||||||||
| Deposits | $ | 2,722,578 | $ | 2,670,624 | 2 | % | $ | 2,557,744 | |||||
| Other Borrowings | 140,539 | 5,539 | 2437 | 5,539 | |||||||||
| Subordinated debt, net of issuance cost | 54,294 | 54,241 | — | 54,073 | |||||||||
| Federal Home Loan Bank advances | 38,607 | 192,713 | (80) | 276,727 | |||||||||
| Accrued interest payable and other liabilities | 29,301 | 29,561 | (1) | 27,787 | |||||||||
| Total Liabilities | 2,985,319 | 2,952,678 | 1 | 2,921,870 | |||||||||
| Shareholders' Equity | |||||||||||||
| Common stock | 81 | 81 | — | 83 | |||||||||
| Additional paid-in capital | 166,160 | 165,823 | — | 165,470 | |||||||||
| Common stock acquired by benefit plans | (1,607) | (1,697) | 5 | (1,969) | |||||||||
| Retained earnings | 241,152 | 234,619 | 3 | 215,290 | |||||||||
| Accumulated other comprehensive loss | (33,501) | (31,382) | (7) | (33,774) | |||||||||
| Total Shareholders' Equity | 372,285 | 367,444 | 1 | 345,100 | |||||||||
| Total Liabilities and Shareholders' Equity | $ | 3,357,604 | $ | 3,320,122 | 1 | $ | 3,266,970 | ||||||
| HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| CONDENSED STATEMENTS OF INCOME | |||||||||||||
| (Unaudited) | |||||||||||||
| Quarter Ended | |||||||||||||
| (dollars in thousands, except per share data) | 3/31/2024 | 12/31/2023 | % Change | 3/31/2023 | % Change | ||||||||
| Interest Income | |||||||||||||
| Loans, including fees | $ | 40,567 | $ | 39,820 | 2 | % | $ | 34,498 | 18 | % | |||
| Investment securities | 2,788 | 2,837 | (2) | 3,142 | (11) | ||||||||
| Other investments and deposits | 771 | 742 | 4 | 475 | 62 | ||||||||
| Total interest income | 44,126 | 43,399 | 2 | 38,115 | 16 | ||||||||
| Interest Expense | |||||||||||||
| Deposits | 12,132 | 10,536 | 15 | % | 3,240 | 274 | % | ||||||
| Other borrowings | 1,486 | 53 | 2704 | 53 | 2704 | ||||||||
| Subordinated debt expense | 845 | 844 | — | 851 | (1) | ||||||||
| Federal Home Loan Bank advances | 762 | 2,684 | (72) | 2,376 | (68) | ||||||||
| Total interest expense | 15,225 | 14,117 | 8 | 6,520 | 134 | ||||||||
| Net interest income | 28,901 | 29,282 | (1) | 31,595 | (9) | ||||||||
| Provision for loan losses | 141 | 665 | (79) | 814 | (83) | ||||||||
| Net interest income after provision for loan losses | 28,760 | 28,617 | — | 30,781 | (7) | ||||||||
| Noninterest Income | |||||||||||||
| Service fees and charges | 1,254 | 1,235 | 2 | % | 1,250 | — | % | ||||||
| Bank card fees | 1,575 | 1,646 | (4) | 1,787 | (12) | ||||||||
| Gain on sale of loans, net | 87 | 46 | 89 | 57 | 53 | ||||||||
| Income from bank-owned life insurance | 266 | 267 | — | 253 | 5 | ||||||||
| Loss on sale of securities, net | — | — | — | (249) | 100 | ||||||||
| Gain (loss) on sale of assets, net | 6 | (7) | 186 | (17) | 135 | ||||||||
| Other income | 361 | 291 | 24 | 230 | 57 | ||||||||
| Total noninterest income | 3,549 | 3,478 | 2 | 3,311 | 7 | ||||||||
| Noninterest Expense | |||||||||||||
| Compensation and benefits | 12,170 | 11,401 | 7 | % | 12,439 | (2) | % | ||||||
| Occupancy | 2,454 | 2,467 | (1) | 2,350 | 4 | ||||||||
| Marketing and advertising | 466 | 759 | (39) | 307 | 52 | ||||||||
| Data processing and communication | 2,514 | 2,423 | 4 | 2,321 | 8 | ||||||||
| Professional fees | 475 | 465 | 2 | 364 | 30 | ||||||||
| Forms, printing and supplies | 205 | 195 | 5 | 187 | 10 | ||||||||
| Franchise and shares tax | 488 | 131 | 273 | 541 | (10) | ||||||||
| Regulatory fees | 469 | 589 | (20) | 539 | (13) | ||||||||
| Foreclosed assets, net | 65 | 43 | 51 | (739) | 109 | ||||||||
| Amortization of acquisition intangible | 353 | 377 | (6) | 446 | (21) | ||||||||
| Provision for credit losses on unfunded commitments | — | 140 | (100) | 210 | (100) | ||||||||
| Other expenses | 1,209 | 1,614 | (25) | 975 | 24 | ||||||||
| Total noninterest expense | 20,868 | 20,604 | 1 | 19,940 | 5 | ||||||||
| Income before income tax expense | 11,441 | 11,491 | — | 14,152 | (19) | ||||||||
| Income tax expense | 2,242 | 2,106 | 6 | 2,832 | (21) | ||||||||
| Net income | $ | 9,199 | $ | 9,385 | (2) | $ | 11,320 | (19) | |||||
| Earnings per share - basic | $ | 1.15 | $ | 1.18 | (3) | % | $ | 1.40 | (18) | % | |||
| Earnings per share - diluted | $ | 1.14 | $ | 1.17 | (3) | % | $ | 1.39 | (18) | % | |||
| Cash dividends declared per common share | $ | 0.25 | $ | 0.25 | — | % | $ | 0.25 | — | % | |||
| HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| SUMMARY FINANCIAL INFORMATION | |||||||||||||
| (Unaudited) | |||||||||||||
| Quarter Ended | |||||||||||||
| (dollars in thousands, except per share data) | 3/31/2024 | 12/31/2023 | % Change | 3/31/2023 | % Change | ||||||||
| EARNINGS DATA | |||||||||||||
| Total interest income | $ | 44,126 | $ | 43,399 | 2 | % | $ | 38,115 | 16 | % | |||
| Total interest expense | 15,225 | 14,117 | 8 | 6,520 | 134 | ||||||||
| Net interest income | 28,901 | 29,282 | (1) | 31,595 | (9) | ||||||||
| Provision for loan losses | 141 | 665 | (79) | 814 | (83) | ||||||||
| Total noninterest income | 3,549 | 3,478 | 2 | 3,311 | 7 | ||||||||
| Total noninterest expense | 20,868 | 20,604 | 1 | 19,940 | 5 | ||||||||
| Income tax expense | 2,242 | 2,106 | 6 | 2,832 | (21) | ||||||||
| Net income | $ | 9,199 | $ | 9,385 | (2) | $ | 11,320 | (19) | |||||
| AVERAGE BALANCE SHEET DATA | |||||||||||||
| Total assets | $ | 3,333,883 | $ | 3,299,069 | 1 | % | $ | 3,219,856 | 4 | % | |||
| Total interest-earning assets | 3,132,622 | 3,111,245 | 1 | 3,026,421 | 4 | ||||||||
| Total loans | 2,602,941 | 2,572,400 | 1 | 2,437,770 | 7 | ||||||||
| PPP loans | 5,393 | 5,643 | (4) | 6,386 | (16) | ||||||||
| Total interest-bearing deposits | 1,937,646 | 1,864,755 | 4 | 1,698,868 | 14 | ||||||||
| Total interest-bearing liabilities | 2,189,597 | 2,136,920 | 2 | 1,973,926 | 11 | ||||||||
| Total deposits | 2,680,909 | 2,641,939 | 1 | 2,578,369 | 4 | ||||||||
| Total shareholders' equity | 370,761 | 350,898 | 6 | 339,311 | 9 | ||||||||
| PER SHARE DATA | |||||||||||||
| Earnings per share - basic | $ | 1.15 | $ | 1.18 | (3) | % | $ | 1.40 | (18) | % | |||
| Earnings per share - diluted | 1.14 | 1.17 | (3) | 1.39 | (18) | ||||||||
| Book value at period end | 45.73 | 45.04 | 2 | 41.66 | 10 | ||||||||
| Tangible book value at period end | 35.17 | 34.45 | 2 | 31.09 | 13 | ||||||||
| Shares outstanding at period end | 8,140,380 | 8,158,281 | — | 8,284,130 | (2) | ||||||||
| Weighted average shares outstanding | |||||||||||||
| Basic | 7,984,317 | 7,978,160 | — | % | 8,087,524 | (1) | % | ||||||
| Diluted | 8,039,505 | 8,008,362 | — | 8,136,583 | (1) | ||||||||
| SELECTED RATIOS (1) | |||||||||||||
| Return on average assets | 1.11 | % | 1.13 | % | (2) | % | 1.43 | % | (22) | % | |||
| Return on average equity | 9.98 | 10.61 | (6) | 13.53 | (26) | ||||||||
| Common equity ratio | 11.09 | 11.07 | — | 10.56 | 5 | ||||||||
| Efficiency ratio (2) | 64.31 | 62.89 | 2 | 57.12 | 13 | ||||||||
| Average equity to average assets | 11.12 | 10.64 | 5 | 10.54 | 6 | ||||||||
| Tier 1 leverage capital ratio (3) | 11.19 | 10.98 | 2 | 10.69 | 5 | ||||||||
| Total risk-based capital ratio (3) | 14.39 | 14.23 | 1 | 14.00 | 3 | ||||||||
| Net interest margin (4) | 3.64 | 3.69 | (1) | 4.18 | (13) | ||||||||
| SELECTED NON-GAAP RATIOS (1) | |||||||||||||
| Tangible common equity ratio (5) | 8.75 | % | 8.69 | % | 1 | % | 8.10 | % | 8 | % | |||
| Return on average tangible common equity (6) | 13.40 | 14.53 | (8) | 18.82 | (29) |
(1)With the exception of end-of-period ratios, all ratios are based on average daily balances during the respective periods.
(2)The efficiency ratio represents noninterest expense as a percentage of total revenues. Total revenues is the sum of net interest income and noninterest income.
(3)Capital ratios are preliminary end-of-period ratios for the Bank only and are subject to change.
(4)Net interest margin represents net interest income as a percentage of average interest-earning assets. Taxable equivalent yields are calculated using a marginal tax rate of 21%.
(5)Tangible common equity ratio is common shareholders' equity less intangible assets divided by total assets less intangible assets. See "Non-GAAP Reconciliation" for additional information.
(6)Return on average tangible common equity is net income plus amortization of core deposit intangible, net of taxes, divided by average common shareholders' equity less average intangible assets. See "Non-GAAP Reconciliation" for additional information.
| HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SUMMARY CREDIT QUALITY INFORMATION | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| 3/31/2024 | 12/31/2023 | 3/31/2023 | |||||||||||||||||||
| (dollars in thousands) | Originated | Acquired | Total | Originated | Acquired | Total | Originated | Acquired | Total | ||||||||||||
| CREDIT QUALITY (1) | |||||||||||||||||||||
| Nonaccrual loans | $ | 11,232 | $ | 4,139 | $ | 15,371 | $ | 5,023 | $ | 3,791 | $ | 8,814 | $ | 5,546 | $ | 5,686 | $ | 11,232 | |||
| Accruing loans 90 days or more past due | 4,978 | — | 4,978 | — | — | — | — | — | — | ||||||||||||
| Total nonperforming loans | 16,210 | 4,139 | 20,349 | 5,023 | 3,791 | 8,814 | 5,546 | 5,686 | 11,232 | ||||||||||||
| Foreclosed assets and ORE | 1,539 | 62 | 1,601 | 1,495 | 80 | 1,575 | — | 80 | 80 | ||||||||||||
| Total nonperforming assets | 17,749 | 4,201 | 21,950 | 6,518 | 3,871 | 10,389 | 5,546 | 5,766 | 11,312 | ||||||||||||
| Nonperforming assets to total assets | 0.65 | % | 0.31 | % | 0.35 | % | |||||||||||||||
| Nonperforming loans to total assets | 0.61 | 0.27 | 0.34 | ||||||||||||||||||
| Nonperforming loans to total loans | 0.78 | 0.34 | 0.46 |
(1)It is our policy to cease accruing interest on loans 90 days or more past due, with certain limited exceptions. Nonperforming assets consist of nonperforming loans, foreclosed assets and surplus real estate (ORE). Foreclosed assets consist of assets acquired through foreclosure or acceptance of title in-lieu of foreclosure. ORE consists of closed or unused bank buildings.
| HOME BANCORP, INC. AND SUBSIDIARY | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SUMMARY CREDIT QUALITY INFORMATION - CONTINUED | |||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| 3/31/2024 | 12/31/2023 | 3/31/2023 | |||||||||||||||||||
| Collectively Evaluated | Individually Evaluated | Total | Collectively Evaluated | Individually Evaluated | Total | Collectively Evaluated | Individually Evaluated | Total | |||||||||||||
| ALLOWANCE FOR CREDIT LOSSES | |||||||||||||||||||||
| One- to four-family first mortgage | $ | 3,275 | $ | — | $ | 3,275 | $ | 3,255 | $ | — | $ | 3,255 | $ | 3,356 | $ | — | $ | 3,356 | |||
| Home equity loans and lines | 701 | — | 701 | 688 | — | 688 | 753 | — | 753 | ||||||||||||
| Commercial real estate | 14,863 | 200 | 15,063 | 14,604 | 201 | 14,805 | 13,344 | 450 | 13,794 | ||||||||||||
| Construction and land | 5,287 | — | 5,287 | 5,292 | 123 | 5,415 | 4,921 | — | 4,921 | ||||||||||||
| Multi-family residential | 584 | — | 584 | 474 | — | 474 | 608 | — | 608 | ||||||||||||
| Commercial and industrial | 5,733 | 73 | 5,806 | 6,071 | 95 | 6,166 | 5,831 | 143 | 5,974 | ||||||||||||
| Consumer | 745 | — | 745 | 734 | — | 734 | 712 | — | 712 | ||||||||||||
| Total allowance for loan losses | $ | 31,188 | $ | 273 | $ | 31,461 | $ | 31,118 | $ | 419 | $ | 31,537 | $ | 29,525 | $ | 593 | $ | 30,118 | |||
| Unfunded lending commitments(2) | 2,594 | — | 2,594 | 2,594 | — | 2,594 | 2,303 | — | 2,303 | ||||||||||||
| Total allowance for credit losses | $ | 33,782 | $ | 273 | $ | 34,055 | $ | 33,712 | $ | 419 | $ | 34,131 | $ | 31,828 | $ | 593 | $ | 32,421 | |||
| Allowance for loan losses to nonperforming assets | 143.33 | % | 303.56 | % | 266.25 | % | |||||||||||||||
| Allowance for loan losses to nonperforming loans | 154.61 | % | 357.81 | % | 268.14 | % | |||||||||||||||
| Allowance for loan losses to total loans | 1.20 | % | 1.22 | % | 1.22 | % | |||||||||||||||
| Allowance for credit losses to total loans | 1.30 | % | 1.32 | % | 1.31 | % | |||||||||||||||
| Year-to-date loan charge-offs | $ | 241 | $ | 471 | $ | 93 | |||||||||||||||
| Year-to-date loan recoveries | 24 | 368 | 98 | ||||||||||||||||||
| Year-to-date net loan (charge-offs) recoveries | $ | (217) | $ | (103) | $ | 5 | |||||||||||||||
| Annualized YTD net loan (charge-offs) recoveries to average loans | (0.03) | % | — | % | — | % |
(2)The allowance for unfunded lending commitments is recorded within accrued interest payable and other liabilities on the Consolidated Statements of Financial Condition.
14
investorpresentationq120
Q1 2024 Investor Presentation
Certain comments in this presentation contain certain forward looking statements (as defined in the Securities Exchange Act of 1934 and the regulations thereunder). Forward looking statements are not historical facts but instead represent only the beliefs, expectations or opinions of Home Bancorp, Inc. and its management regarding future events, many of which, by their nature, are inherently uncertain. Forward looking statements may be identified by the use of such words as: “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, or words of similar meaning, or future or conditional terms such as “will”, “would”, “should”, “could”, “may”, “likely”, “probably”, or “possibly.” Forward looking statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks, uncertainties and assumption, many of which are difficult to predict and generally are beyond the control of Home Bancorp, Inc. and its management, that could cause actual results to differ materially from those expressed in, or implied or projected by, forward looking statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward looking statements: (1) economic and competitive conditions which could affect the volume of loan originations, deposit flows and real estate values; (2) the levels of noninterest income and expense and the amount of loan losses; (3) competitive pressure among depository institutions increasing significantly; (4) changes in the interest rate environment causing reduced interest margins; (5) general economic conditions, either nationally or in the markets in which Home Bancorp, Inc. is or will be doing business, being less favorable than expected; (6) political and social unrest, including acts of war or terrorism; (7) we may not fully realize all the benefits we anticipated in connection with our acquisitions of other institutions or our assumptions made in connection therewith may prove to be inaccurate; (8) cyber incidents or other failures, disruptions or security beaches; or (9) legislation or changes in regulatory requirements adversely affecting the business of Home Bancorp, Inc. Home Bancorp, Inc. undertakes no obligation to update these forward looking statements to reflect events or circumstances that occur after the date on which such statements were made. As used in this report, unless the context otherwise requires, the terms “we,” “our,” “us,” or the “Company” refer to Home Bancorp, Inc. and the term the “Bank” refers to Home Bank, N.A., a national bank and wholly owned subsidiary of the Company. In addition, unless the context otherwise requires, references to the operations of the Company include the operations of the Bank. For a more detailed description of the factors that may affect Home Bancorp’s operating results or the outcomes described in these forward-looking statements, we refer you to our filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2023. Home Bancorp assumes no obligation to update the forward-looking statements made during this presentation. For more information, please visit our website www.home24bank.com. Non-GAAP Information This presentation contains financial information determined by methods other than in accordance with generally accepted accounting principles (“GAAP”). The Company's management uses this non-GAAP financial information in its analysis of the Company's performance. In this presentation, information is included which excludes acquired loans, intangible assets, impact of the gain (loss) on the sale of a banking center, the impact of merger-related expenses and one-time tax effects. Management believes the presentation of this non-GAAP financial information provides useful information that is helpful to a full understanding of the Company’s financial position and core operating results. This non-GAAP financial information should not be viewed as a substitute for financial information determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP financial information presented by other companies. | 2 Forward-Looking Statements
Headquarters: Lafayette, LA Ticker: HBCP (NASDAQ) History: • Founded in 1908 • IPO completed October 2008 • Six acquisitions completed since 2010 • 42 locations across Southern Louisiana, Western Mississippi and Houston Highlights: • Total Assets: $3.4 billion at March 31, 2024 • Market Cap: $281 million at April 15, 2024 • Ownership (S&P Global as of April 15, 2024) • Institutional: 43% • Insider/ESOP: 14% | 3 Our Company Total Assets $3.4B Total Loans $2.6B Total Deposits $2.7B
| 4 Our Markets
Quarterly Financial Highlights 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Profitability Net income $ 10,776 $ 11,320 $ 9,781 $ 9,754 $ 9,385 $ 9,199 Diluted EPS 1.32 1.39 1.21 1.22 1.17 1.14 ROA 1.35 % 1.43 % 1.21 % 1.18 % 1.13 % 1.11 % ROE 13.2 13.5 11.3 11.0 10.6 10.0 ROATCE(1) 18.8 18.8 15.5 15.2 14.5 13.4 Efficiency ratio 57.8 57.1 62.1 62.9 62.9 64.3 Provision for loan losses 1,987 814 511 351 665 141 Core pre-provision net income(1) 11,941 11,559 10,084 9,820 9,846 9,152 Balance Sheet Assets $ 3,228,280 $ 3,266,970 $ 3,290,153 $ 3,317,729 $ 3,320,122 $ 3,357,604 Loans 2,430,750 2,466,392 2,510,759 2,569,094 2,581,638 2,621,690 Cash and cash equivalents 87,401 107,171 96,873 84,520 75,831 90,475 Allowance for loan losses (29,299) (30,118) (30,639) (31,123) (31,537) (31,461) Total deposits 2,633,181 2,557,744 2,551,718 2,597,484 2,670,624 2,722,578 TCE Ratio 7.7 % 8.1 % 8.1 % 8.0 % 8.7 % 8.8 % Loan/Deposit 92.3 % 96.4 % 98.4 % 98.9 % 96.7 % 96.3 % Per Share Data Share price $ 40.03 $ 33.03 $ 33.21 $ 31.87 $ 42.01 $ 38.31 Book value 39.82 41.66 42.22 42.30 45.04 45.73 Tangible book value(1) 29.20 31.09 31.59 31.67 34.45 35.17 Price / tangible book value per share 137 % 106 % 105 % 101 % 122 % 109 % Dividend paid $ 0.24 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 (1) See appendix for reconciliation of Non-GAAP items. | 5 (dollars in thousands, except per share data)
H om e B an k To ta l A ss et s ($ in m illi on s) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Mar-24 YTD 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Statewide Bank - $199 MM Guaranty Savings Bank - $257 MM Britton & Koontz Bank - $301 MM Bank of New Orleans - $346 MM St. Martin Bank & Trust - $597 MM CAGR = 12.9% as of March 31, 2024 | 6 Asset Growth Texan Bank - $416 MM
Profitability 1.27 0.99 1.76 1.07 1.23 1.11 1.32 1.12 1.04 1.25 1.27 1.10 GAAP Core pre-provision earnings 2019 2020 2021 2022 2023 1Q 2024 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 1.8% 2.0% Return on Average Assets 9.0 7.8 14.4 10.2 11.6 10.0 9.3 8.9 8.5 11.8 11.9 9.9 GAAP Core pre-provision earnings 2019 2020 2021 2022 2023 1Q 2024 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Return on Average Equity 11.8 10.2 18.0 13.9 16.0 13.5 11.8 11.1 10.5 15.6 15.9 12.9 ROATCE Core pre-provision earnings 2019 2020 2021 2022 2023 1Q 2024 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% Return on Tangible Common Equity 63.3 59.1 57.1 62.1 61.2 64.3 63.5 63.8 64.8 61.2 61.3 64.3 GAAP Core pre-provision earnings 2019 2020 2021 2022 2023 1Q 2024 50.0% 55.0% 60.0% 65.0% 70.0% Efficiency Ratio (1) See appendix for reconciliation of Non-GAAP items. (1) | 7
Loan Portfolio (as of March 31, 2024) CRE, 47% 1-4 Mortgage, 17% C&I, 15% C&D, 13% Multifamily, 4% Home Equity, 3% Consumer, 1% Composition Market Diversification Acadiana, 29% New Orleans, 27%Houston, 18% Northshore 14% Baton Rouge, 10% MS, 2% CRE Loan Portfolio • Owner Occupied - 53% • Non-owner Occupied - 47% 1Q 2024 annualized growth rate - 6% • Total loans - $2.6 billion • Houston market - 29% annualized growth rate | 8
Non-Owner Occupied CRE (as of March 31, 2024) | 9 • Average Balance $853K • Approximately 21.5% of total loans • $3.6 million or 0.6% of the N.O.O. portfolio is nonaccrual Retail - Multi-Tenant, 25% Hotel, 20% Office, 14% Other, 8% Warehouse/Industrial, 9% Mixed Use, 8% Retail - Single Tenant, 5% Other Specialty Use, 4% Medical Office, 3% Healthcare, 2% Restaurant/Bar, 2% Office Exposure Zero nonaccrual and criticized loans in office exposure Office Loans Total $81.0 million or 3.1% of total loans Average Office Loan Balance $1.2 million Geographic Exposure 44% 32% 10% 8% 6% Houston Baton Rouge Northshore Acadiana New Orleans
C&D Portfolio (as of March 31, 2024) Lots, Development and Unimproved Land, 24% 1-4 Family Construction, 27% Commercial Construction, 49% Composition | 10 Historic Charge-off (Recovery Rate) Charge-off (recovery) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Mar-24 YTD (0.25)% —% 0.25% 0.50% 0.75% 1.00% Total Balance $334.3 million Average Balance $536.8K $782K net charge-offs since 2009 0.3% on Nonaccrual or $920.4K
($ in m illi on s) $1.4 $3.8 $3.7 $(0.7) $2.3 $(0.1) $0.1 $(0.2) $21.1 $29.3 $31.5 $31.5 Dec 2021 Allowance for Texan Bank Acquired PCD Loans Provision for Texan Loan Portfolio Organic Provision Net Charge- offs Dec 2022 Organic Provision Net Charge- offs Dec 2023 Organic Provision Net Charge- offs Mar 2024 $0 $10 $20 $30 $40 2023 (dollars in thousands) 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 Total Loans $ 2,466,392 $ 2,510,759 $ 2,569,094 $ 2,581,638 $ 2,621,690 Total nonperforming loans 11,232 12,196 11,949 8,814 20,349 Total special mention loans 9,778 9,511 9,046 7,928 8,578 Total substandard loans 23,519 27,252 31,046 28,168 35,128 Total criticized loans $ 33,297 $ 36,763 $ 40,092 $ 36,096 $ 43,706 Nonperforming loans / Total loans 0.46 % 0.49 % 0.47 % 0.34 % 0.78 % Criticized loans / Total loans 1.35 % 1.46 % 1.56 % 1.40 % 1.67 % ALL / Total Loans 1.22 % 1.22 % 1.21 % 1.22 % 1.20 % 20242021 Changes in ALL | 11 2022
1.16 1.21 1.30 0.77 0.49 0.34 0.31 0.65 1.01 0.72 0.75 0.40 0.28 0.14 0.20 0.53 NPAs / Total Assets Originated NPAs / Total Assets 2017 2018 2019 2020 2021 2022 2023 Mar-24 YTD 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% NPAs / Assets title 0.00 0.15 0.09 0.12 0.09 0.03 0.00 0.03 2017 2018 2019 2020 2021 2022 2023 Mar-24 YTD 0.00% 0.05% 0.10% 0.15% 0.20% Net Charge-offs / YTD Average Loans 57 63 63 165 146 267 304 143 ALL / NPAs 2017 2018 2019 2020 2021 2022 2023 March- 24 YTD 0% 50% 100% 150% 200% 250% 300% 350% ALL / NPAs 1.74 1.94 1.73 1.03 0.83 0.41 0.52 0.83% 0.82 0.87 1.32 0.74 0.57 0.32 0.36 0.85% Past Due Loans / Loans Originated Past Due / Originated Loans 2017 2018 2019 2020 2021 2022 2023 Mar-24 YTD 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% Loans Past Due Credit Quality Trends | 12
Investment Portfolio | 13 (dollars in millions) Book Value Gain/(loss) Eff. Duration MBS $212 $(25) 4.7 CMBS 157 (11) 3 Muni 55 (8) 6.4 CMO 19 (1) 3.8 Agency 19 (1) 3.2 Corp 7 (1) 1.6 Total $469 $(47) 4.2 10 Year Investment Cash Flow 6% 18% 34% 51% 63% 70% 77% 82% 86% 90% Expected Principal Cash Flows (dollars in thousands Percentage of Cash Flows - Cumulative FYE 2024 FYE 2025 FYE 2026 FYE 2027 FYE 2028 FYE 2029 FYE 2030 FYE 2031 FYE 2032 FYE 2033 $— $10,000.00 $20,000.00 $30,000.00 $40,000.00 $50,000.00 $60,000.00 $70,000.00 $80,000.00 $90,000.00 —% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% MBS 45.2% CMBS 33.5% Muni 11.7% CMO 4.1% Agency 4.0% Corp 1.5% 13% of total assets 2.4% Q1 yield $46.6 million unrealized loss ~ 9.9% of book value 99.7% AFS $3.2 million MV decline in Q1 $9.0 million decline in book value QoQ
Acadiana 54% New Orleans 14% Houston 11% Northshore 9% Mississippi, 8% Baton Rouge, 4% $ in m illi on s 25% 24% 28% 30% 34% 28% 27% 27% 28% 29% 31% 25% 24% 23% 20% 22% 17% 13% 13% 24% 26% 17% 15% 15% 15% 16% 15% 16% 11% 11% 11% 11% 12% 9% 8% Demand deposits NOW Certificates of deposit Money Market Savings Balance 2018 2019 2020 2021 2022 2023 Mar 2024 $1,600 $2,000 $2,400 $2,800 Change (dollars in thousands) 3/31/2023 12/31/2023 3/31/2024 QoQ YoY Demand Deposits $ 854,736 $ 744,424 $ 742,177 $ (2,247) $ (112,559) Savings 288,788 231,624 228,047 (3,577) (60,741) Money Market 384,809 408,024 423,521 15,497 38,712 NOW 657,499 641,818 630,962 (10,856) (26,537) CDs 371,912 644,734 697,871 53,137 325,959 Total Deposits $ 2,557,744 $ 2,670,624 $ 2,722,578 $ 51,954 $ 164,834 Deposits (as of March 31, 2024) | 14 $32,905 Average deposit size 27% Non-interest bearing deposit composition
Deposits (as of March 31, 2024) | 15 Retail Business Public Broker Total FDIC Insured 46% 18% —% —% 64% Uninsured (1) 8 14 — — 22 Reciprocal — 4 — — 4 Public Funds — — 8 — 8 Brokered Deposits — — — 2 2 Total 54% 36% 8% 2% 100% Cost of Deposits 0.15 0.17 0.23 0.41 0.62 0.93 1.20 1.42 1.52 0.46 0.42 0.42 0.57 1.38 2.49 3.40 4.01 4.41 0.20 0.22 0.27 0.44 0.77 1.30 1.84 2.24 2.52 Non-maturity deposits Certificates of deposit Total interest-bearing deposits 1Q 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 — 0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00 2.25 2.50 2.75 3.00 3.25 3.50 3.75 4.00 4.25 4.50 4.75 (1) Excluding internal accounts, over FDIC limit and not collateralized (2) Total primary funding sources covering uninsured deposits. Funding Availability (in thousands) Q1 2024 FHLB availability $ 1,107,888 Unencumbered investments (book) 86,091 FRB discount window 500 Total primary funding sources $ 1,194,479 Fed fund lines 55,000 Total primary and secondary liquidity $ 1,249,479 Uninsured Deposits(1) Approximately $595 million or 22% of total deposits Coverage of Uninsured Deposits(2) 201%
3.76 4.11 4.38 4.18 3.94 3.75 3.69 3.64 3.61 3.69 3.63 NIM 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 Jan- 24 Feb- 24 Mar- 24 3.60% 4.00% 4.40% 4.80% NIM (TE) 4.94 5.17 5.43 5.67 5.82 5.95 6.08 6.18 Loan Yield 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 4.50% 5.00% 5.50% 6.00% 6.50% Yield on Loans 0.25 0.46 0.70 1.33 1.91 2.37 2.62 2.79 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 0.0% 1.0% 2.0% 3.0% 4.0% Cost of Interest-Bearing Liabilities Yields | 16 $135 million borrowing under Federal Reserve BTFP at a cost of 4.76% and no Short-term FHLB advances at March 31, 2024 NIM 3.64% for the quarter ended March 2024 1.82% Cost of total deposits for the quarter ended March 2024 MonthQuarter
Rate Shock 1 Year % Change in NII 200 3.4% 100 1.8% (100) (2.8)% (200) (5.2)% % of assets 2019 2023 Q1 2024 Q1 Cash 2% 3% 3% Investments 12% 14% 13% Loans, excluding PPP 78% 75% 80% Other Assets 8% 8% 7% NMD - noninterest-bearing 20% 26% 23% NMD - interest-bearing 45% 41% 39% CDs 18% 11% 21% Total Deposits 83% 78% 83% Borrowings 2% 8% 5% Subordinated Debt —% 2% 2% Other 1% 1% 1% Equity 14% 11% 11% Loan portfolio effective duration ~ 2.3 (based on management estimates) Cost of 2Q2016 - 3Q2019 3Q2019 - 1Q2022 1Q2022 - 1Q2024 Interest-bearing deposits 36% 40% 44% Total deposits 27% 31% 32% Interest-bearing liabilities 33% 40% 48% Funding earning assets 23% 29% 34% Interest Rate Risk Forecasted Change in NII Liability Betas Historical Funding Betas Balance Sheet Composition | 17 Fed Funds Effective Cost of Deposits Cost of Funding Earning Assets Q2- 16 Q3- 16 Q4- 16 Q1- 17 Q2- 17 Q3- 17 Q4- 17 Q1- 18 Q2- 18 Q3- 18 Q4- 18 Q1- 19 Q2- 19 Q3- 19 Q4- 19 Q1- 20 Q2- 20 Q3- 20 Q4- 20 Q1- 21 Q2- 21 Q3- 21 Q4- 21 Q1- 22 Q2- 22 Q3- 22 Q4- 22 Q1- 23 Q2- 23 Q3- 23 Q4- 23 Q1- 24 —% 1.00% 2.00% 3.00% 4.00% 5.00% Investment Portfolio effective duration = 4.2 35% of loan portfolio is variable
0.62 0.62 0.62 0.57 0.54 0.44 0.46 0.43 2017 2018 2019 2020 2021 2022 2023 Mar-24 YTD 0.40% 0.50% 0.60% 0.70% Noninterest Income(1) / Assets 2.79 2.83 2.87 2.53 2.41 2.51 2.52 2.51 2017 2018 2019 2020 2021 2022 2023 Mar- 24 YTD 2.00% 2.50% 3.00% 3.50% Noninterest Expense(1) / Assets (1) Excludes non-core items. See appendix for reconciliation of non-GAAP items. (dollars in thousands) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Service fees and charges $ 1,250 $ 1,230 $ 1,277 $ 1,235 $ 1,254 Bank card fees 1,787 1,715 1,903 1,646 1,575 Gain on sale of loans 57 26 687 46 87 Loss on sale of securities, net (249) — — — — Loss on sale of assets, net (17) (3) — (7) 6 Other 483 480 532 558 627 Total noninterest income $ 3,311 $ 3,448 $ 4,399 $ 3,478 $ 3,549 Noninterest income less loss on sale of securities and assets $ 3,577 $ 3,451 $ 4,399 $ 3,485 $ 3,543 (dollars in thousands) 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Compensation $ 12,439 $ 12,601 $ 12,492 $ 11,401 $ 12,170 Data processing 2,321 2,132 2,496 2,423 2,514 Occupancy 2,350 2,447 2,410 2,467 2,454 Provision for unfunded 210 151 — 140 — Other 2,620 3,628 3,940 4,173 3,730 Total noninterest expense $ 19,940 $ 20,959 $ 21,338 $ 20,604 $ 20,868 Foreclosed asset recovery (739) — — — — Noninterest expense excl. provision for unfunded and merger expenses $ 20,469 $ 20,808 $ 21,338 $ 20,464 $ 20,868 Noninterest Income & Expense | 18
$0.41 $0.55 $0.71 $0.84 $0.88 $0.91 $0.93 $1.00 $0.50 Q1 Q2 Q3 Q4 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0.00 $0.50 $1.00 $1.50 Dividends Per Share 25.16 27.22 29.60 34.00 29.57 29.20 34.45 35.1725.39 27.15 29.00 33.92 31.16 33.95 38.30 39.28 Tangible book value Tangible book value excluding AOCI 2018 2019 2020 2021 March 2022 2022 2023 March 2024 $20 $25 $30 $35 $40 Tangible Book Value Share Repurchase Activity Year # Shares Average Price Cash Utilized 2018 30,887 $ 38.66 $ 1,194,061 2019 419,498 36.82 15,444,895 2020 530,504 26.41 14,011,605 2021 246,012 36.18 8,900,409 2022 288,350 39.30 11,333,399 2023 164,272 32.01 5,257,822 2024 (as of 4/15/2024) 21,303 38.78 826,151 Total 1,700,826 $ 33.49 $ 56,968,342 Capital | 19 ~ 415,143 shares remaining in current plans as of April 15, 2024 New Share Repurchase Plan approved 405,000 13% Shares repurchased since 2017 8.7% CAGR TBV / share, excluding AOCI since 2018 Cash acquisition - Texan Bank Cash dividend of $0.25 per share payable on May 10, 2024 * *payable in May 2024
9.7 9.8 10.4 11.0 11.2 13.9 14.7 12.4 13.0 13.2 15.2 15.9 13.6 14.2 14.4 Tier 1 leverage capital Common equity tier 1 Total risk-based capital 2020 2021 2022 2023 1Q 2024 0% 5% 10% 15% 20% Capital Ratios (Bank only) Capital | 20 Home Bank, N.A. Home Bancorp, Inc. As Reported Including AOCI Losses (1) As Reported Including AOCI Losses (1) Common Equity Tier 1 capital 13.2% 11.9% 11.6% 10.4% Tier 1 risk based capital 13.2% 11.9% 11.6% 10.4% Total risk based capital 14.4% 13.2% 14.8% 13.6% Tier 1 leverage capital 11.2% 10.2% 9.9% 8.8% (1) Assumes AOCI adjustments related to market valuations on securities and interest rate derivatives are included for regulatory capital calculations. Regulatory Capital and Adjusted Capital as of 3/31/2024
Investment Perspective | 21
| 22
4Q 2022 1Q 2023 2Q 2023 3Q 2023 4Q 2023 1Q 2024 Total shareholders' equity $ 329,954 $ 345,100 $ 346,117 $ 345,332 $ 367,444 $ 372,285 Less: intangible assets 87,973 87,527 87,138 86,749 86,372 86,019 Non-GAAP tangible shareholders' equity $ 241,981 $ 257,573 $ 258,979 $ 258,583 $ 281,072 $ 286,266 Reported net income $ 10,776 $ 11,320 $ 9,781 $ 9,754 $ 9,385 $ 9,199 Add: amortization CDI, net tax 350 352 307 307 298 279 Non-GAAP tangible net income $ 11,126 $ 11,672 $ 10,088 $ 10,061 $ 9,683 $ 9,478 Return on average equity 13.2 % 13.5 % 11.3 % 11.0 % 10.6 % 10.0 % Add: intangible assets 5.6 5.3 4.2 4.2 3.9 3.4 Non-GAAP return on tangible common equity 18.8 % 18.8 % 15.5 % 15.2 % 14.5 % 13.4 % Book value per share $ 39.82 $ 41.66 $ 42.22 $ 42.30 $ 45.04 $ 45.73 Less: intangible assets 10.62 10.57 10.63 10.63 10.59 10.56 Non-GAAP tangible book value per share $ 29.20 $ 31.09 $ 31.59 $ 31.67 $ 34.45 $ 35.17 Reported net income $ 10,776 $ 11,320 $ 9,781 $ 9,754 $ 9,385 $ 9,199 Less: PPP loan income 26 26 24 23 22 22 Less: gain (loss) on sale of assets 9 (17) (3) — (7) 6 Less: gain (loss) on sale of securities — (249) — — — — Less: loan discount accretion 750 668 647 634 583 525 Add: provision for loan losses 1,987 814 511 351 665 141 Add: provision (reversal) for credit losses on unfunded commitments (170) 210 151 — 140 — Add: CDI amortization 443 446 389 389 377 353 Add: One-time recovery of foreclosed asset — (739) — — — — Total non-core items, net of taxes 1,165 239 303 66 461 (47) Core pre-provision net income (1) $ 11,941 $ 11,559 $ 10,084 $ 9,820 $ 9,846 $ 9,152 Appendix (non-GAAP reconciliation) | 23 (dollars in thousands, except per share data)
2019 2020 2021 2022 2023 Mar-24 YTD Total shareholders' equity $ 316,329 $ 321,842 $ 351,903 $ 329,954 $ 367,444 $ 372,285 Less: intangible assets 64,472 63,112 61,949 87,973 86,372 86,019 Non-GAAP tangible shareholders' equity $ 251,857 $ 258,730 $ 289,954 $ 241,981 $ 281,072 $ 286,266 Reported net income $ 27,932 $ 24,765 $ 48,621 $ 34,072 $ 40,240 $ 9,199 Add: amortization CDI, net tax 1,251 1,074 919 1,266 1,264 279 Non-GAAP tangible income $ 29,183 $ 25,839 $ 49,540 $ 35,338 $ 41,504 $ 9,478 Return on average equity 9.0 % 7.8 % 14.4 % 10.2 % 11.6 % 10.0 % Add: intangible assets 2.8 2.4 3.6 3.7 4.4 3.4 Non-GAAP return on tangible common equity 11.8 % 10.2 % 18.0 % 13.9 % 16.0 % 13.4 % Originated loans $ 1,251,201 $ 1,625,139 $ 1,593,769 $ 1,961,425 $ 2,169,500 $ 2,219,485 Acquired loans 463,160 354,815 246,324 469,325 412,138 402,205 Total loans $ 1,714,361 $ 1,979,954 $ 1,840,093 $ 2,430,750 $ 2,581,638 $ 2,621,690 Originated NPAs $ 16,421 $ 10,353 $ 8,348 $ 4,489 $ 6,518 $ 17,749 Acquired NPAs 12,121 9,628 6,116 6,487 3,871 4,201 Total NPAs $ 28,542 $ 19,981 $ 14,464 $ 10,976 $ 10,389 $ 21,950 Originated past due loans $ 16,541 $ 12,070 $ 9,071 $ 6,215 $ 7,864 $ 18,923 Acquired past due loans 13,098 8,335 6,146 3,683 5,569 2,828 Total past due loans $ 29,639 $ 20,405 $ 15,217 $ 9,898 $ 13,433 $ 21,751 Average assets $ 2,198,483 $ 2,491,612 $ 2,765,878 $ 3,178,862 $ 3,262,820 $ 3,333,883 Less: average PPP loans — 169,665 169,149 15,691 5,997 5,393 Average assets excluding PPP loans $ 2,198,483 $ 2,321,947 $ 2,596,729 $ 3,163,171 $ 3,256,823 $ 3,328,490 Appendix (non-GAAP reconciliation) | 24 (dollars in thousands)
2019 2020 2021 2022 2023 Mar-24 YTD Reported noninterest income $ 14,415 $ 14,305 $ 16,271 $ 13,885 $ 14,636 $ 3,549 Less: BOLI benefit 1,194 — 1,717 — — — Less: gain (loss) on sale of securities — — — — (249) — Less: gain (loss) on sale of assets (347) — (504) 26 (27) 6 Non-GAAP noninterest income $ 13,568 $ 14,305 $ 15,058 $ 13,859 $ 14,912 $ 3,543 Reported noninterest expense $ 63,605 $ 62,981 $ 66,982 $ 81,909 $ 82,841 $ 20,868 Less: lease termination 291 — — — — — Less: severance pay 287 — — — — — Less: one-time foreclosed asset recovery — — — — 739 — Less: merger-related expenses — — 299 1,971 — — Non-GAAP noninterest expense $ 63,027 $ 62,981 $ 66,683 $ 79,938 $ 82,102 $ 20,868 Reported net income $ 27,932 $ 24,765 $ 48,621 $ 34,072 $ 40,240 $ 9,199 Less: PPP loan income — 5,895 13,208 1,359 95 22 Less: Write of FDIC loss share receivable (680) — — — — — Less: BOLI benefit 1,194 — 1,717 — — — Less: gain (loss) on sale of assets (347) — (504) 26 (27) 6 Less: gain (loss) on sale of securities — — — — (249) — Less: loan discount accretion 3,503 4,097 2,361 2,933 2,532 525 Add: provision (reversal) for loan losses 3,014 12,728 (10,161) 7,489 2,341 141 Add: provision for credit losses on unfunded commitments — — 390 278 501 — Add: CDI amortization 1,583 1,360 1,163 1,602 1,601 353 Add: lease termination 291 — — — — — Add: severance pay 287 — — — — — Add: one-time foreclosed asset recovery — — — — (739) — Add: merger-related expenses — — 299 1,971 — — Non-core items, net of taxes 1,189 3,236 (19,822) 5,547 1,069 (47) Core pre-provision net income (1) $ 29,121 $ 28,001 $ 28,799 $ 39,619 $ 41,309 $ 9,152 (1) Core pre-provision net income - removes the impact of one time items, PPP income, provision for credit losses, loan discount accretion and CDI. Appendix (non-GAAP reconciliation) | 25 (dollars in thousands)
2018 2019 2020 2021 1Q2022 2022 2023 Mar-24 YTD Total shareholders' equity $ 304,040 $ 316,329 $ 321,842 $ 351,903 $ 337,504 $ 329,954 $ 367,444 $ 372,285 Less: intangible assets 66,055 64,472 63,112 61,949 87,569 87,973 86,372 86,019 Non-GAAP tangible shareholders' equity $ 237,985 $ 251,857 $ 258,730 $ 289,954 $ 249,935 $ 241,981 $ 281,072 $ 286,266 Less: AOCI (2,206) 692 5,274 744 (13,465) (39,307) (31,382) (33,501) Non-GAAP tangible shareholders' equity AOCI adjusted $ 240,191 $ 251,165 $ 253,456 $ 289,210 $ 263,400 $ 281,288 $ 312,454 $ 319,767 Shares Outstanding 9,459,050 9,252,418 8,740,104 8,526,907 8,453,014 8,286,084 8,158,281 8,140,380 Book value per share $ 32.14 $ 34.19 $ 36.82 $ 41.27 $ 39.93 $ 39.82 $ 45.04 $ 45.73 Less: intangible assets 6.98 6.97 7.22 7.27 10.36 10.62 10.59 10.56 Non-GAAP tangible book value per share $ 25.16 $ 27.22 $ 29.60 $ 34.00 $ 29.57 $ 29.20 $ 34.45 $ 35.17 Less: AOCI (0.23) 0.07 0.60 0.08 (1.59) (4.75) (3.85) (4.11) Non-GAAP tangible book value per share AOCI adjusted $ 25.39 $ 27.15 $ 29.00 $ 33.92 $ 31.16 $ 33.95 $ 38.30 $ 39.28 Appendix (non-GAAP reconciliation) | 26 (dollars in thousands except for per share data) )
